Mortgage Exit Fees discussion

MarkyMarkD

Deleted_User wrote:

What is the situation if a lender has since been bought out by another.

I had a Britannic Money mortgage in 2002 but I think they are now part of Paragon?

It doesn't make any difference. What matters is what your original lender was charging at the time your mortgage was taken out.

MarkyMarkD

annie42 wrote:

Can anyone tell me what Nat West were charging in 2004 please.

There is a useful list here which answers most questions of this nature.

gozza

settling mortgage 1st march .Halifax are making me pay full admin fee on 1st and i've got to ask for a refund later. more paperwork for them. a bit stupid is'nt it! I thought they would only be able to charge the original AFTER 28th Feb.

consnmattsmom

I have changed mortgages twice once from A&L and once from Virgin One but have no longer got any info.

How can I find out if I have been charged something I shouldnt have been?

MarkyMarkD

By referring to the table in my post #93 and identifying the amount you would have been charged, based on when you redeemed, compared to the amount you should have been charged, based on when the mortgage started.

MarkyMarkD

gozza wrote:

settling mortgage 1st march .Halifax are making me pay full admin fee on 1st and i've got to ask for a refund later. more paperwork for them. a bit stupid is'nt it! I thought they would only be able to charge the original AFTER 28th Feb.

They've only known about the FSA ruling for 11 days. I am not at all surprised that they haven't been able to make the systems changes to their automated redemption quotation systems.

[Deleted User]

MarkyMarkD wrote:

It doesn't make any difference. What matters is what your original lender was charging at the time your mortgage was taken out.

I don't have the initial paperwork for when I started the mortgage but when I moved away from Britannic Money in July 2002 I paid £150 Redemption Sealing fee plus £75 Deeds Release Fee.

I rang the number on the redemption statement yesterday and they are apparantly now called Mortgage Trust with a different address.

Should I write to them instead? The fees seem quite hefty even for 2002 standards...

annie42

Deleted_User - Nat West call them exit fees sealing fees and Abbey call them deeds handling fees. Yours are one and the same I reckon so try claiming both sums back.

Bernard_Coleslaw

MarkyMarkD wrote:

By referring to the table in my post #93 and identifying the amount you would have been charged, based on when you redeemed, compared to the amount you should have been charged, based on when the mortgage started.

Not quite 'when the mortgage started'. Even the FSA have said that a borrower who's had a product transfer or further advance can, later on, be charged the fee that was in place at the time the product transfer or further advance took place. Not the fee that was in place when the mortgage started.

A lot of people will be disappointed if they go off to their previous lender expecting a big refund only to be told they'd signed up to the later, higher fee. This needs repeating, as the table on thisismoney does not make this point clear.

[Deleted User]

Is £99 still OTT - if the cost of handling the paperwork is about £35 I just wondered if anyone is claiming back on these smaller amounts?

I have had 2 Abbey mortgages since Britannic money - one was a remortgage from Britannic and the other was when I moved house and Abbey insisted one mortgage was closed to make way for the current one - which meant £99 exit fees.